Clubbing of income - addition of portion of sales consideration ...

Case Laws Income Tax

May 12, 2021

Clubbing of income - addition of portion of sales consideration related to wife and mother of assessee u/s 64(1) - Logically the sale consideration is to be distributed between four persons. In view of that, a portion of sale consideration is required to be assigned to the rights of membership etc which were not given to the firm. Therefore, there is no transfer from husband to wife of any right or any value. In view of that no value can be assigned under Section 64(1) of the Act by applying clubbing provisions thereon. Moreover, we find that the ld CITA grossly erred in applying the clubbing provisions u/s 64(1) of the Act even for mother. - AT

View Source

← Previous Next →

Clubbing of income - addition of portion of sales consideration ...

Case Laws Income Tax

May 12, 2021

You may also like:

Clubbing of income u/s 64 - Additions of Sale proceeds of the land belonging to the assessee’s wife claimed to be credited to the assessee’s bank account - Wife has no...

Addition u/s. 69A - unexplained cash deposits in the bank account - The Tribunal found the explanation provided by the assessee regarding the sale consideration for real...

Addition of undisclosed income arising out of sale of land - on-money - Once, nature and character of land sold is established as agricultural land not to be treated as...

Revision u/s 263 - Transfer of land by wife to her husband - Nature of transaction - Sale or Gift - It is the case of the assessee that sale deed is nothing but gift...

Clubbing of income of wife u/s 64 - It Tribunal held that since the income of the Assessee's wife had been accepted in her hands by the Department in scrutiny...

Penalty proceedings u/s 271B for failure to get accounts audited. The assessee's main income was commission earned from sales of milk, acting as an agent for the mother...

Imposition of penalty u/s 271(1)(c) of the Income Tax Act for two types of additions: (1) the addition made u/s 50C on the difference between stamp duty value and sale...

Additions u/s 68 - Unexplained cash credit in bank account subsequent to sale deed - Once the sale consideration is accepted as a sale consideration by Sub-Registrar...

Clubbing of Income - Addition of Rental Income earned by the Spouse of the Assessee, in the hands of the Assessee, U/s 64 - The ld. CIT(A)’s contention that the husband...

Clubbing of income - salary paid to the assessee’s wife - the payment made by the assessee to his wife would not qualify for the benefit of proviso to Section 64 (1)(ii) - HC

Rent-a-cab scheme operator Service - Deemed Sale - Agreements/contracts of ‘lease’ are, acknowledgedly, taxable as ‘deemed sale’; it is not the case of Revenue that any...

Levy of Service tax - Rent-a-cab Service - deemed sale or not - Agreements/contracts of ‘lease’ are, acknowledgedly, taxable as ‘deemed sale’; it is not the case of...

Settlement Commission's order rejecting exemption u/s 54 on cash portion invested in purchasing property after sale of another property was invalid. Section 54 does not...

During a search operation, the assessee surrendered a lump sum amount as alleged long-term capital gains from the sale of shares as additional income u/s 132(4). The...

Undisclosed incomes - investment in Purchase/sale of immovable property - The onus on the department to prove that investment was made by Assessees or sale consideration...

Quick Updates: